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12/05/2017 · Some loans, such as federal student loans and mortgages, have tax advantages that would be lost if they were to be paid off early. The interest paid on these loans may be tax deductible and the borrower should talk to their tax advisor about what the tax implications would be before paying off these types of loans. If the tax savings were to outweigh the amount that would be saved on interest, it may not be advantageous to pay these loans off …16/10/2020 · Paying your loan back early is easy and can be completed in three simple steps outlines below: Contact your lender – get in touch with your lender and request an ‘early settlement amount’ for your loan. Your lender will then give you a figure to pay and 28 days to pay ;· Simple interest contracts. Simple interest loans are made up of two important parts – principal and interest. Principal is the amount of money you borrow for your purchase while in

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